Hyundai Heavy Q1 figures soar on ship, equipment sales

Hyundai Heavy Industries Co.’s first quarter revenues jumped 70.1 percent from a year ago buoyed by rising ship and construction equipment sales, the company said Monday.

According to the regulatory filing, Hyundai Heavy posted first quarter sales of 12.7 trillion won ($11.8 billion), up 70.1 percent from the same period last year.

The company’s operating profits for the period came in at about 1.71 trillion won while net profits were recorded at about 1.42 trillion won.

Compared to the first quarter of last year, Hyundai Heavy’s operating profits increased 29 percent, while the figure for net profits was 36.2 percent higher.

During the same period last year, the company recorded sales of 7.47 trillion won, while operating and net profits came in at 1.33 trillion won and 1.04 trillion won, respectively.

The company said that the sales and operating profits were pushed up by improvements in its shipbuilding and construction equipment businesses.

The world’s largest shipyard also said that the acquisition of the refiner Hyundai Oil Bank also contributed to the sharp rise.

By Choi He-suk  (cheesuk@heraldcorp.com)